An undisclosed bidder has apparently offered around US$6bn for San Miguel Corp's majority stake in San Miguel Brewery. The 'elephant in the room' is surely that the bidder in question is Kirin Holdings. Stefan Kirk examines the potential valuation of a potential deal, and the possible add-on consolidation of Mahou San Miguel in Spain.

San Miguel Corp has confirmed it remains in talks with its joint-venture partner Kirin Holdings over ownership of the San Miguel brewery unit, but did not comment on reports it may delist the division's shares.